If a company has no beginning inventory and the unit cost of inventory is increasing during a period, the cost of goods available for sale during the period will be the same under the LIFO and FIFO inventory methods.

Question

Quizplus · Accepted Answer

The cost of goods available for sale is the same under both LIFO and FIFO because it is calculated as the sum of the beginning inventory (which is zero in this case) and the cost of purchases made during the period.

If a Company Has No Beginning Inventory and the Unit